Used car values continue upwards trend
Average used car values increased for the fifth month in a row in May, according to the latest data from Cazana.
It has reported that average prices for three-year-old models rose 0.7%, or £170, with five-year-old car values up 0.6% and one-year-old models holding level.
Only cars over 10 years saw values decline, falling by one per cent across the month.
In terms of fuel types, used electric vehicle prices increased by 1.2% while hybrids were up 0.8% for a cumulative increase of four per cent in the last 60 days.
Electric vehicles are now also the fastest-selling fuel type in the market, finding buyers 10 days and 20 days quicker than petrol and diesel models respectively.
Used EVs
Derren Martin, automotive expert at Cazana, said: “The used car retail market in May continued to be strong, following a trend seen since the start of the year. Dealers were keen to raise prices, increasing margins as they did so, as trade values fell, on average.
“For the second month in a row, we saw a surge in the sale of used EVs, with prices rising more than any other fuel type. Estates, saloons and hatchbacks continue to perform well for dealers, with demand outstripping supply, whilst SUVs also went up in price.
“May is one of the traditionally slower months in the year for used car sales, due to Bank Holidays taking consumers away from browsing for a used car, but even with the great weather we had in the month, the market remains in good health.”
